Less than one year after purchasing majority ownership of the Los Angeles Lakers, Mark Walter has decided to sell the historic NBA franchise at a record price.
According to Ramona Shelburne of ESPN, Bob Iger and Joshua Kushner are poised to become new owners of the Lakers by purchasing the team from Walter for $12.5 billion.
The Los Angeles Lakers are being sold to Josh Kushner and Bob Iger for $12.5 billion, a record-breaking price, multiple sources told ESPN.
Per Jack Harris of the California Post, Walter is remaining the owner of the Los Angeles Dodgers.
However, the billionaire businessman’s ownership of the Dodgers is not expected to change, a source with knowledge of the situation confirmed, with Walter planning to retain control of the franchise under his Guggenheim Baseball Management group and continue in his role as chairman of the club.
Walter, CEO and chairmain of holding company TWG Global, also holds ownership stakes in the Los Angeles Sparks, Chelsea soccer club of the Premier League, Professional Women’s Hockey League, Cadillac Formula 1 and more auto racing teams.
The sale to Iger and Kushner only involves the Lakers. It also won’t be finalized until receiving approval from the NBA board of governors, which isn’t set to meet until next month. At least 23 of the league’s 30 governors (75%) must vote in approval for any controlling ownership change or addition of a new team.
In a sale that was finalized last October, Walter bought a controlling stake of the Lakers from Jeanie Buss for a then-record $10 billion. He painted a vision of turning the Lakers back into an NBA title contender in part by making overall improvements to the front office
Although Walter took over as the new Lakers owner, Buss was due to remain governor of the franchise and continue to oversee day-to-day team operations for the foreseeable future. According to multiple reports, Buss was expected to hold that role for a minimum of five years. It’s unclear what Walter’s sale to Iger and Kushner means for Buss’ involvement.
Iger, 75, was CEO of the Walt Disney Company from 2005-20 and 2022-26 before being succeeded by Josh D’Amaro in March of this year. Iger has prior involvement into professional sports when in 2024 along with his wife, Willow Bay, he became the owner of Angel City FC of the National Women’s Soccer League.
Similarly, this also is not Kushner’s first foray into sports, as he currently holds a minority stake in the Miami Heat and previously was a minority owner of the Memphis Grizzlies. Kushner will need to sell his stake in the Heat in order for the sale of the Lakers to be completed. Josh Kushner is the brother of President Donald Trump’s son-in-law Jared Kushner.
Why is Mark Walter selling the Lakers?
Walter has not shared a direct reason for selling the Lakers. Some believe it may stem from Walter being under federal investigation for alleged tax fraud through insurance companies tied to his TWG Global.
There also was a report of that some had become concerned over Walter’s ability to remain in such a prominent leadership position after he suffered a stroke during the Dodgers’ World Series run in 2024.
Of course, Walter’s decision to sell the Lakers could simply be boiled down to making a $2 billion profit in less than a year’s time.
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